Which of the following statements about accounting information is false?

a. Financial accounting is primarily intended to satisfy the information needs of external users.

b.The primary internal users of financial accounting information are managers.

c. Financial accounting produces financial statements that must be based on generally accepted accounting principles (GAAP).

d.Managerial accounting produces statements that must be based on generally accepted accounting principles (GAAP).

Jones Company purchased a plot of land for $10,000 in 1996. On December 31, 2020, the fair market value of the land is $15,000, and Jones Company was recently offered $13,500 for the land, although the offer has not yet been accepted. Which of the following dollar amounts would be reported on the balance sheet of Jones Company on December 31, 2020?

a. $10,000.

b. $13,500.

c. $15,000.

d. Cannot tell from the information given.

Kensington Company purchased a machine for $60,000. The machine has an estimated life of 5 years and a salvage value of $5,000. The machine is expected to process 100,000 tons of material. If Kensington uses the units-of-production method, what is the depreciation expense for the first year of operating the machine when 15,000 tons of product was processed?

a. $8,250.

b. $9,000.

c. $11,000.

d. $12,000.